PROVINCETOWN – The Land Court presiding over the Harbor Hill bankruptcy has approved an order authorizing the sale of the property in the bankruptcy proceedings.
This concludes a lengthy process at Land Court to clear titles of over 1,000 time share intervals associated with the complex and finally paves the way for Provincetown to purchase the property through the Provincetown Year Round Rental Housing Trust.
The trust was created through a town meeting vote in 2015, and signed into law by Massachusetts legislature in late 2016. In 2017, the Trust began pursuit of its mission, to create and preserve year-round market rate rental units in town – ideally at Harbor Hill.
Harbor Hill is a time share property with 26 units located off of Bradford Street in the West End of town.
“This is the end of the beginning in terms of the legal issues surrounding the acquisition of the parcel” explained Provincetown Town manager David Panagrave.
“There is some permitting that of course has to happen, there’s some rehab work that needs to happen, and we hope to begin occupancy hopefully by the end of the year in some of the units.”
The town has already won the property with a bid of $8,101,620.
The Trust plans on renovating the complex, adding two accessible units, and delivering the first 28 apartments via lottery late this year.
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